220 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 Additional Information We Are Kenanga Message From Our Leaders Our Sustainability Approach How We Are Governed Financial Statements Shareholders’ Information 14. INVESTMENTS IN ASSOCIATES (CONT’D.) (a) Details of the associates are as follows (cont’d.): The Group and the Bank carried out an impairment assessment on the associates in accordance with the accounting policy stated in Note 3.4(l). The recoverable amount is based on the Group’s share of net tangible assets of the associates. Based on management’s assessment, the Group and the Bank have made adequate provision for impairment loss on the investments as at the financial year end. (b) Summarised financial information of the material associate is as follows: The summarised financial information represents the amounts in the MFRS financial statements of the material associate and not the Group’s share of those amounts. (i) Summarised statement of financial position Wasatah Capital 2022 RM’000 2021 RM’000 Current assets 218,134 90,389 Non-current assets 128,266 196,093 Total assets 346,400 286,482 Current liabilities 25,923 13,704 Non-current liabilities 4,809 3,720 Total liabilities 30,732 17,424 Net assets * 315,668 269,058 * The net assets are net of zakat expenses which are not shared by non-Saudi shareholders in accordance with the regulations of Zakat department of Zakat & Income Tax as applicable in the Kingdom of Saudi Arabia. Therefore, the net assets will not represent the Group’s and the Bank’s share of net assets in Wasatah Capital as disclosed in Note 14(b)(iii) below. The difference will be the total zakat expenses that were fully borne by the Saudi shareholders. (ii) Summarised statement of profit or loss and other comprehensive income Wasatah Capital 2022 RM’000 2021 RM’000 Revenue 70,091 40,832 Profit before taxation 38,416 20,811 Tax (expense)/credit (3,577) 177 Other comprehensive income 189 20,617 Total comprehensive income 35,028 41,605
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